JCPenney (JCP) CEO Johnson Received No Bonus, Stock Awards Following FY12 Bloodbath
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CEO Ron Johnson saw a dramatic pay cut which nearly mimicked JCPenney's (NYSE: JCP) stock last year.
JCPenney awarded the beleaguered CEO no bonus or stock awards last year. Johnson took home $1.5 million in salary and $389,000 in other compensation, mostly tied to aircraft use.
The compensation is down from over $50 million in stock awards Johnson received when joining JCPenney to make up for what he would be leaving behind at Apple (Nasdaq: AAPL).
Shares of JCPenney fell by about 50 percent on a 25 percent drop in sales last year as Johnson tried to mount a turnaround in sales with a new "fair and square" pricing initiative.
While Johnson has no plans to step down as CEO of the retailer, board members have said in the past they would consider a replacement if the decline in sales isn't stopped.
Shares of JCPenney are down 0.5 percent Wednesday.
JCPenney awarded the beleaguered CEO no bonus or stock awards last year. Johnson took home $1.5 million in salary and $389,000 in other compensation, mostly tied to aircraft use.
The compensation is down from over $50 million in stock awards Johnson received when joining JCPenney to make up for what he would be leaving behind at Apple (Nasdaq: AAPL).
Shares of JCPenney fell by about 50 percent on a 25 percent drop in sales last year as Johnson tried to mount a turnaround in sales with a new "fair and square" pricing initiative.
While Johnson has no plans to step down as CEO of the retailer, board members have said in the past they would consider a replacement if the decline in sales isn't stopped.
Shares of JCPenney are down 0.5 percent Wednesday.
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